Esteemed Wall Street media analyst Michael Nathanson on Monday released an investor note that, for the most part, asks Fox Corporation C-Suiters to take a long, hard look at its networks and owned-and-operated stations and perhaps put them up for sale.
In doing so, Nathanson offered some perspective on the enterprise value of four “major pure-play station operators.” They range from $4.8 billion to $13.6 billion.
The enterprise value he pegs for the FOX network and O&Os at $10.93 billion.
It’s great news for Gray Television. But, Nathanson’s baffled. “That makes no sense,” he says.
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